Fair Value Measurements

9 Months Ended

Mar. 31, 2012

Fair Value Measurements [Abstract]

Fair Value Measurements

Note 5—Fair Value Measurements

Fair value is defined as the price in a transaction to sell an asset or paid to transfer a liability (i.e. the "exit price") in an orderly transaction between market participants at the measurement date. The Company utilizes a three-level valuation hierarchy for disclosure of fair value measurements in accordance with FASB Accounting Standard Codification Topic 820. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the reported date. The three levels are defined as follows:

• Level 1—unadjusted quoted prices in active markets that are available for identical assets or liabilities as of the reported date.

• Level 2—quoted prices in markets that are not active or other pricing inputs that are either directly or indirectly observable as of the reported date.

• Level 3—prices or valuation techniques that are both significant to the fair value measurement and unobservable as of the reported date. These financial instruments do not have active markets and are measured using management's best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation.

Assets and liabilities measured and reported at fair value are classified and disclosed in one of the above categories based on the nature of the inputs that are significant to the fair value measurement in its entirety. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's classification within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.

Other Investments

Other investments primarily comprise investments in Company-sponsored investment vehicles, including mutual funds, an investment strategy separate account, and four limited liability companies. It also includes an investment in a non-affiliated investment limited partnership.

The investments in the mutual funds and in the separate account are accounted for as available-for-sale securities and valued under the market approach through the use of unadjusted quoted market prices available in an active market, and are classified within Level 1 of the valuation hierarchy. The fair value of these investments at March 31, 2012 was $2.3 million.

The Company holds an investment in a non-affiliated investment limited partnership. At March 31, 2012, the Company held less than a 2% ownership interest in this limited partnership. This investment is accounted for as available-for-sale and is valued based upon the Company's ownership interest in the partnership's net assets. The value of net assets is based on the underlying assets and liabilities of the limited partnership, which primarily include exchange-listed common stocks and money market funds. This investment seeks to generate capital appreciation. The Company's investment may be redeemed as of the end of the partnership's fiscal year, provided that 30 days prior written notice is given to the general partner. Redemptions may be more frequent at the option of the general partner. There is no lock-up and the Company has no unfunded commitments. The investment limited partnership is classified within Level 2 of the valuation hierarchy. The fair value of this investment at March 31, 2012 was $4.3 million.

At March 31, 2012, the Company was the sole investor in the Epoch Global All-Cap Fund, LLC and the Epoch Global Choice Fund, LLC and thus accounts for these investments as consolidated investment vehicles. The underlying investments in these consolidated investment vehicles are measured at fair value, based upon quoted market prices.

The following table presents, for each of the hierarchy levels previously described, the Company's assets that are measured at fair value as of March 31, 2012 and June 30, 2011, respectively (in thousands):

	March 31, 2012								June 30, 2011
	Fair Value Measurements		Level 1		Level 2		Level 3		Fair Value Measurements		Level 1		Level 2		Level 3
Available-for-sale:
Company-sponsored mutual funds	$	1,178	$	1,178	$	—	$	—	$	1,179	$	1,179	$	—	$	—
Epoch Global Champions separate account		1,139		1,139		—		—		—		—		—		—
Investment in limited partnership		4,255		—		4,255		—		4,144		—		4,144		—
Epoch Global All Cap separate account		—		—		—		—		3,061		3,061		—		—
Total available-for-sale securities		6,572		2,317		4,255		—		8,384		4,240		4,144		—
Consolidated investment vehicles:
Epoch Global All-Cap Fund, LLC		3,068		3,068		—		—		—		—		—		—
Epoch Global Choice Fund, LLC		2,237		2,237		—		—		—		—		—		—
Total consolidated funds		5,305		5,305		—		—		—		—		—		—
Total investments measured at fair value	$	11,877	$	7,622	$	4,255	$	—	$	8,384	$	4,240	$	4,144	$	—

There were no transfers into or out of the Level 1, 2 and 3 categories in the fair value measurement hierarchy for the periods presented.

Investments in the Epoch Global Equity Shareholder Yield Fund, LLC and the Epoch Global Absolute Return Fund, LLC are accounted for under the equity method, whereby the Company records its share of earnings or losses in other income. Accordingly, these investments are not measured at, but approximate, fair value. The total carrying value of these investments was $2.6 million and $0.5 million at March 31, 2012 and June 30, 2011, respectively.